Stonebridge Refinances Trio of Affordable Assets
- Aug 19, 2015
Bethesda, Md.— Walker & Dunlop Inc. has arranged $13.7 million for three multifamily buildings in Florida and Missouri. The borrower is Stonebridge Global Partners, a company which focuses primarily on acquiring and managing affordable housing projects.
“As we are constantly in pursuit of stable, long-term investment opportunities within the affordable sector, having a team of partners like Walker & Dunlop and Freddie Mac, allows us to execute our ambitious acquisition strategy quickly and efficiently,” said Eli Mizrahie, managing partner of Stonebridge Global Partners LLC.
The properties include Mandarin Trace Apartments in Jacksonville, Fla., College Trace Apartments in Pensacola, Fla., and Cloverleaf Apartments in Kansas City, Mo.
Mandarin Trace Apartments, a 120-unit, Class B property with one, two and three-bedroom options, was acquired for $5.4 million with a 15-year fixed-rate loan with three years of interest-only, followed by a 30-year amortization term. The apartments are all covered by the Section 8 HAP contract, and some are designated for senior residents. The property, which is in close proximity to the Naval Air Station in Jacksonville, Fla., is 97.5 percent occupied.
College Trace Apartments was acquired for $4 million with a similar 15-year fixed rate loan structure. The Class B property includes 112 units, a playground, clubhouse and basketball court. 100 percent of the units are covered by a Section 8 HAP contract.
Cloverleaf Apartments, constructed in 1969, was financed with a $4.3 million variable 10-year loan, with two years of interest-only, followed by a 30 year amortization schedule. The Class C complex includes 204 units, which are a mix of two and three-bedroom apartments.